FINANCE >Turkey to get new IMF seat in 2014

Turkey will serve as the deputy executive director of its group of countries in the executive board of the International Monetary Fund (IMF) in 2012 before becoming an executive director in 2014, according to a statement from the Undersecretariat of theTreasury.

The move comes as the monetary fund is undergoing a reform process designed to give a greater voice to developing countries on quotas and governance.

The executive board of the IMF is composed of twenty-four directors, who are appointed or elected by member countries or by groups of countries. Countries with large economies have their own executive directors, while most countries are grouped into constituencies representing four or more countries.

Currently Belgium represents Turkey at the executive board, along with Austria, Belarus, the Czech Republic, Hungary, Kosovo, Luxembourg, the Slovak Republic and Slovenia, according to the IMF’s website. Belgium and Luxembourg have decided to join the group of countries of which the Netherlands is the executive director.

After 2014, the executive directorship will be assumed by the members of groups alternately based on their voting powers within the fund. Turkey will re-assume the post between 2018 and 2020 and will act as deputy executive director during other periods